merger performance is lower …

the companies they work for and various firm dynamics. I explore how employee morale affects merger probability, post-merger … findings. Firms with similar employee morale are more likely to merge, achieve greater short-run and long-run post-merger … synergies, perform greater takeover restructurings, and exhibit a higher likelihood of completion and rate of completion. Firms …

We find that the acquirer’s (1) abnormal returns at merger and acquisition (M&A) announcements and (2) long … insider net purchase ratios receive higher takeover premiums. Overall, our findings suggest that, even under the “Short Swing …

important in merger arbitrage, where deal failure is a key risk. In this paper, I propose a dynamic asset pricing model that … addition, the model accurately predicts that merger arbitrage exhibits low volatility and a large Sharpe ratio when deals are …

We study both theoretically and empirically option prices on firms undergoing a cash merger offer. To estimate the … merger's success probability, we use a Markov Chain Monte Carlo (MCMC) method using a state space representation of our model …. Our estimated probability measure has significant predictive power for the merger outcome even after controlling for …

-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty …

. Results show that mergers are wealth-creating events for the combined, target and acquiring firms. The ideal merger for a … target firm is where the target is small relative to the acquiring firm, and the ideal merger for the acquiring firm is with …